The USD/JPY pair rose during the course of the session on Monday, as we climbed above the 120 level. With that though, we see quite a bit of resistance just above, and it seems that the market continues to hang about this consolidation area. If we can get above the 120.50 level, we believe that the market will then break towards the 122 level. If we pullback, we think there’s plenty of support all the way down to the 118.50 level, and as a result we have no scenario in which we are willing to sell this pair.
